We have a potential buyer for our home. They currently have a home that is pending sale. They want to buy our home, but because they have not closed on their home, they want to rent from us while their house closes. I believe they agreed to be out of their home by August 1. What is the best way to protect myself if they decide not to buy or if during their rental period we have another offer that is more than their offer? Do we create an rental contract for a specific period of time then have an option contract that allows them to buy the house once the 3 months are up? Should they pay an option fee that is non-refundable. Are we forced to remove the house from the market during their rental period? I know I need to contact a real estate attorney about this, but I want to have some idea of our options as a seller before I even say a rent-to-own option is possible.
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